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Value Relevance Of Financial And Non-Financial Information: Evidence From The Gaming Industry, Lisa Goh, Kevin Ck Lam, Hong Weng Lawrence Lei
Value Relevance Of Financial And Non-Financial Information: Evidence From The Gaming Industry, Lisa Goh, Kevin Ck Lam, Hong Weng Lawrence Lei
UNLV Gaming Research & Review Journal
Using financial and non-financial data from casino gaming firms listed in the United States from 1999–2017, we explore two research questions: (1) Is financial information value relevant to financial markets in the casino gaming industry? (2) Does non-financial information have incremental explanatory power over financial information? In general, we find that accounting numbers can explain a firm’s market value and stock returns in the casino gaming industry, except for accounting accruals, which may behave differently compared to other industries. We also find that non-financial information, such as the number of table games, number of slot machines, and their relative proportion, …